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Seller at Nassim Mansion makes $6.5 mil profit

The sale of a 3,520 sq ft, four-bedroom unit at Nassim Mansion on Nassim Hill Road was the most profitable transaction for the week of May 29 to June 5.

The unit, which is on the third floor, was first bought at $3.5 million ($994 psf) in 2003 and sold for $10 million ($2,841 psf) on June 5. The seller walked away with a profit of $6.5 million (186%), which translates into an annualised profit of 7% over a holding period of 14 years.

This is the second-most profitable sale at the 72-unit Nassim Mansion. The most profitable was of a 7,115 sq ft penthouse on the 10th floor that changed hands for $16 million ($2,249 psf) in 2007. As it was bought for $5.2 million ($731 psf) in 2004, this meant a $10.8 million profit (207%) for its seller, or a 40% annualised profit over a three-year holding period.

The seller of a four-bedroom unit at Nassim Mansion made a $6.5 million profit on June 5 (Picture: The Edge Singapore)

Located in prime District 10, the freehold Nassim Mansion was completed in 1977. Profits from the sale of units in the residence ranged from $50,000 to $10.8 million over the past 15 years, according to caveats lodged.

The second-most profitable transaction during the week under review was the sale of a 1,851 sq ft unit at The Shelford, located on Shelford Road in prime District 11. The three-bedroom unit was sold on May 31 for $3.4 million ($1,836 psf). As it had previously changed hands for $1.25 million ($675 psf) in 2005, the seller made a $2.15 million (172%) profit, or an annualised profit of 8% over a 12-year holding period.

The Shelford has seen profits ranging from $1,654 to $2.47 million from the sale of its units over the past 15 years, according to caveats. The most profitable transaction was the sale of a 2,411 sq ft maisonette in 2007. It was first bought from the developer for $1.68 million ($715 psf) in 2002, and changed hands for $4.15 million ($1,721 psf), generating a $2.47 million (147%) profit, or an 18% annualised profit over a five-year holding period.

The Shelford is a freehold development with 215 units. It was completed in 2005.

A 1,345 sq ft unit at The Esta on Amber Gardens in District 15 changed hands for $2.43 million ($1,806 psf) on June 4, becoming the third-most profitable transaction for the week. The three-bedroom unit on the fifth floor was bought for $910,000 ($676 psf) in 2006. Thus the seller walked away with a $1.52 million (167%) profit, which translates into an 8% annualised profit over a 12-year holding period.

A three-bedroom unit at The Esta was sold for a profit of $1.52 million on June 4 (Picture: Samuel Issac Chua/The Edge Singapore)

This was also the third-most profitable transaction at the 400-unit condominium. Profits from sales at the freehold development ranged from $20,000 to $2.14 million over 12 years. The most profitable sale was in August 2009, when a 3,186 sq ft penthouse on the 21st floor, which was first bought at $2.11 million ($662 psf) in 2006, fetched $4.25 million ($1,334 psf). It made a $2.14 million (102%) profit, which translates into an annualised profit of 22% over a 3½-year holding period.

The same unit recently changed hands in March this year for $4.78 million ($1,500 psf). The most recent seller thus made a $530,000 profit after holding the property for eight years.